by Quest College Consulting

Monday, March 4, 2013

CSS Profile

When thinking of a college financial aid form, the Free Application for Federal Student Aid
(FAFSA) often comes to mind. The U.S.
Department of Education form is mandatory at all schools to be considered for government
supported financial aid. A lesser known, but equally important 'form' is required
at many schools, the College Scholarship Service Profile (CSS Profile).

WHAT
IS THE CSS PROFILE?

The CSS
Profile is a supplemental financial aid form required by many private
colleges to determine eligibility for nongovernment financial aid. It is
distributed by the College Board and
is used by almost 400 colleges and scholarship programs to determine a family's
true ability to pay for college.

HOW
TO COMPLETE THE CSS PROFILE

The CSS
Profile is an online form similar to the FAFSA. A family enters their financial information to determine a
family's true ability to pay for their child's higher education. The CSS Profile is available during the
student's senior year and can be submitted to schools as early as October 1st.
Each school and scholarship program has a different deadline throughout the
year, therefore it is important to know to which schools your child might be
applying. It is also important to know the proper code of the school or program
in which they are applying.

HOW
THE CSS PROFILE DIFFERS FROM THE FAFSA

The main difference between the two forms is cost. The
FAFSA is a free government form,
while the CSS Profile is a fee based
application, costing $25 for the first school and $16 per additional submission.Another difference are deadlines. The CSS Profile is due in the fall of the
student's senior year of high school, whereas the FAFSA is released each year on January 1st and has due dates in February
and March.

Another difference are the types of questions. The CSS Profile requires a more thorough
examination of a family's finances. Many questions are specific to the school
or program in which they are applying, while the FAFSA is standard 103 question document. Additional information that the CSS Profile asks; equity
in a family's main home, current valuation of the house, Business/Farm Supplement (if family is self employed), a Noncustodial Parent's Supplement if
parents are divorced and do not share equal custody.

Do not become discouraged about receiving financial
aid from a school if you required to complete the CSS Profile. Many times, completing the form can help. The CSS Profile provides a school with a
more accurate picture of a family's ability to pay for school. Many of the schools that require the CSS Profile are simply looking to properly
distribute from a large endowment.

CSS
PROFILE
TIPS

Students from
low-income families with limited assets are eligible to receive fee waivers. If you think you may qualify, complete the CSS Profile as early as possible (there
are a limited number of fee waivers available). In addition, the CSS Profile is
not required by all schools. Check with the school you are interested in to see
if it is required. If the school does require this form, a pre-application worksheetcan help save time by
entering the form online. Lastly, be sure to provide proper documentation for
your answers.